Bank Of Canada Cuts Rates for First Time Since 2015

The Federal Reserve made an unscheduled rate announcement yesterday and cut their overnight rate by 50 basis points. The Bank of Canada wasn’t largely expected to cut its rate today at its scheduled announcement, but it followed suit and also cut its overnight...
VIDEO: Bank of Canada Drops Rates by 50 points

VIDEO: Bank of Canada Drops Rates by 50 points

The Bank of Canada cut its overnight rate for the first time in four years. This follows the US Central Bank doing the same thing just yesterday. In the BoC announcement it seems that the overall Canadian economy has been doing sufficiently well that under normal...

No Stress Test on Mortgage Renewals

More good news for people who have been struggling with the mortgage stress test! It was recommended by FINA (House of Commons Standing Committee of Finance) to the federal government that they “exempt mortgages from the stress-test where the mortgagor has...
New and Improved Stress Test!

New and Improved Stress Test!

The Department of Finance announced Tuesday changes to the mortgage stress test. “The new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2%.” This change is specific to insured...

PM Orders Review of Stress Test

If you’ve been having a hard time getting approved for a mortgage since the stress test was introduced in 2018, you aren’t alone. In fact, about 10% of buyers who would have been approved for a mortgage before the stress test find that they can no longer...